A Brief Guide to Auction Finance

Buying a property at auction is very different from doing so via conventional channels.

Leicestershire, UK, July 20, 2017 – Buying a property at auction is very different from doing so via conventional channels. Property auctions can be great for capitalising on unmissable investment opportunities. But at the same time, you’ll need to make sure you have the required capital available to complete the purchase.

Which is where auction finance comes into the equation. Similar in many respects to a bridging loanauction finance provides the buyer with a short-term loan to cover the purchase of the property.

How It Works

If you plan to purchase a property at auction, you’ll first need to ensure you have the required 10% deposit to pay on the day. This secures the property when the winning bid has been determined, after which you’ll usually have 28 days to pay the rest of the balance.

For obvious reasons, a standard mortgage is entirely out of the question. So too is a typical personal loan, which along with being insufficient in value may take far too long to arrange. Auction property purchases move at a pace standard banks and lenders simply cannot keep up with. For this reason, an intelligent alternative solution is required.

The key difference with auction finance is that depending on who you work with, it can usually be arranged in no more than a few days. Attend the auction Monday and you could receive the money you require before the end of the working week. In most instances, a maximum of 75% of the total price of the property will be offered in the form of auction finance. Though there are instances where 90% or even higher may be offered – all determined on a case-by-case basis.

Qualification Criteria

In terms of qualification, there are essentially two means by which a borrower can qualify for auction finance.

The first of which being that they secure the loan on the property being purchased. In which case, the lender will take into accounts various considerations, including the nature of the property, its location, conditions, potential resale value and so on. Should the sum borrowed not be repaid as agreed, the lender takes ownership of the property. For these kinds of loans, it is usually necessary to have a strong credit score.

Alternatively, the loan may be secured on existing property. If the borrower already has a property valued at £200,000 for example, chances are they’ll find it easy to obtain a secured loan to the value of £100,000 to buy a property at auction. In which case, credit scores don’t come into the equation.

Repayment

Lastly, auction finance is also similar to a bridging loan when it comes to repayment periods. Specifically, auction finance is typically repaid over a much shorter period than a conventional loan – usually between six months and two years. In addition, the sum is usually paid back in one lump sum, rather than monthly instalments.

Though with much lower interest rates than a typical loan or mortgage, auction finance often represents outstanding value for money.

Before considering an auction property purchase of any kind, speak to an independent financial broker to explore all available options in full.

About Us

UK Property Finance is a Whole Of Market, financial broker established since 2003. We are fully regulated by the FCA #667602.

Address: 2 Nursery Court, Unit 2C, Kibworth Business Park, Harborough Road, Kibworth Harcourt, Leicestershire, LE80EX. Telephone: 0116 402 7982 Email: info@bridgingloans.co.uk Website: https://www.bridgingloans.co.uk

Contact:

Bridgingloans.co.uk

2 Nursery Court, Unit 2C

Kibworth Business Park

Kibworth Harcourt

Leicestershire LE80EX

0116 402 7982

info@bridgingloans.co.uk

https://www.bridgingloans.co.uk

Approyo Expands Team Adding Vice President of Marketing

Approyo Hires Kyle Ackerman to head marketing efforts to strengthen global footprint.

Milwaukee, WI, USA — Approyo, a leading enterprise SAP HANA Solutions Provider, announced today that Kyle Ackerman has joined the company to the position of Vice President of Marketing. In this newly created position, Kyle will lead all marketing efforts for Approyo.

“I’m thrilled to join the Approyo team in this role and help share Approyo story to the world,” Kyle said. “I’ve worked with Approyo for several years and I am excited about the positive momentum and culture developing at Approyo.”

“Approyo is ready to make the next leap in our business and we need to get our story out there to more businesses” said Christopher Carter, CEO of Approyo. “I believe Kyle can help Approyo get to the next level. He has worked with us as a consultant for several years and it is a pleasure to bring his marketing expertise to the team.”

In addition to over 10 years of marketing experience, Kyle has extensive experience within the technology industry. Most recently, Kyle, worked as a freelance Marketing Consultant, helping several small businesses achieve success through digital marketing. Additionally, Kyle has worked for several technologies based companies focusing on Cloud Computing, Hosting, SAP, Microsoft and Software Licensing.

Approyo has been providing SAP HANA solutions such as SAP S/4HANA 1610 in the cloud for the last three years. Approyo built an entire platform using the best solutions in the market, allowing clients to move SAP HANA quickly and benefit immediately without the massive upfront cost structure typically seen with those bare metal solutions.

About Approyo
Approyo is a global SAP HANA start up focus partner for products and services that include upgrades, comprehensive remote operations/managed services, consulting, migrations, hosting and implementations and cloud services. Approyo differentiates itself by offering scalable managed SAP HANA solutions for organizations of all size. Approyo has the capability to support global organizations and their applications with our Headquarters in Milwaukee, WI and offices in throughout North America, Europe and South America, plus partners around the world.

For additional information e-mail us at info@Approyo.com, call 404.448.1166, or visit us on the web at http://www.Approyo.com.

Media Contact:
Kyle Ackerman
Approyo, Inc.
262-894-1037
info@approyo.com
http://www.approyo.com